Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of NOAH and Affiliates and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.NOAH's consolidating financial statements include certain for-profit entities, which are not included in the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2022, since the for-profit entities are not subject to the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Rent Supplements - Rental Housing for Lower Income Families (AL No. 14.149) represents the balance due on a loan at December 31, 2022, which was the highest balance of the loan during 2022.
Title: NeighborWorks ? America (NWA) Funds
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of NOAH and Affiliates and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.NOAH's consolidating financial statements include certain for-profit entities, which are not included in the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2022, since the for-profit entities are not subject to the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Federal expenditure balance includes $1,390,502 of funds advanced from NWA in prior years under its Permanent Capital program which required NOAH and Affiliates to permanently invest the cumulative balance of advances in qualified recoverable community investments. During the year ended December 31, 2022, NWA granted a release of the remaining balance totaling $1,390,502 from the obligations of this Permanent Capital balance and, accordingly, this amount will not be included in future presentations of Federal expenditures.